CORRECTING and REPLACING CyberGRX Raises $30 Million in Series C Funding Round Led by Scale Venture Partners
Investment to Fuel Growth and Further Mission to Unite Organizations
in the Collective Fight Against Cyber Threats
DENVER–(BUSINESS WIRE)–First paragraph, second sentence of release should read: AllegisCyber
(instead of Allegis Group).
The corrected release reads:
CYBERGRX RAISES $30 MILLION IN SERIES C FUNDING ROUND LED BY SCALE
VENTURE PARTNERS
Investment to Fuel Growth and Further Mission to Unite Organizations
in the Collective Fight Against Cyber Threats
CyberGRX,
provider of the world’s first and largest global cyber risk exchange,
today announced that it has raised $30 million in Series C funding led
by Scale Venture Partners. Existing investors Aetna Ventures,
AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky,
GV, MassMutual Ventures, and TenEleven Ventures also participated in the
round. In the last 12 months, CyberGRX has seen over 1,000 percent
growth in both annual revenue, and in companies on the Exchange. The
company will deploy the secured capital to support this explosive user
growth, further extend augmentation capabilities with a market-leading
analytics package, and advance the mission to build a community where
enterprises can organize a collective defense against attackers. To
date, CyberGRX has raised a total of $59 million in equity financing.
CyberGRX has transformed the way the market conducts third-party cyber
risk management by replacing static and siloed methods with a dynamic
and collaborative approach that unites third parties and their customers
in the fight against cyber threats. While organizations and third
parties face different challenges in third-party risk management,
CyberGRX has proven that organizations are stronger when they work
together. The CyberGRX Exchange breaks down barriers between third
parties and their customers, enabling them to share dynamic data and
create actionable insights on how to prioritize and reduce their
collective risk. As more companies continue to join CyberGRX in an
alliance against supply chain attacks, the benefits of the Exchange get
stronger and organizations profit from a collaborative approach,
including joint negotiation, community benchmarking and shared costs
among users.
To help drive the company’s enterprise growth strategy, Ariel Tseitlin,
a partner at Scale Venture Partners, will join CyberGRX’s board of
directors. “CyberGRX has redefined the traditional approach to managing
cyber risk by launching an Exchange that standardizes the assessment
process for enterprises and third-party customers,” said Tseitlin. “By
using a dynamic and collective approach, CyberGRX enables both sides of
the market to increase efficiencies while reducing risk. We are very
proud to be a part of their growth and look forward to future successes.”
Named an Innovation
Sandbox finalist at RSAC 2018, CyberGRX continues to gain momentum.
The company has, and will continue to add essential sales, marketing and
customer success positions to support their growth, including the recent
hire of Brian Fegley, as CyberGRX’s Vice President of Customer Success.
Fegley and his team will focus on ensuring the CyberGRX customer
experience on and off the Exchange is conducive to helping third parties
and their customers work together to reduce risk. Fegley and the
CyberGRX customer success team will also manage the recently launched
online TPCRM community, purpose-built to encourage cross organizational
collaboration between risk professionals and IT teams who are struggling
with the inefficiencies created by traditional approaches to third-party
cyber risk management.
“Third-party cyber risk management is a challenge to all organizations,
regardless of size or industry,” says Fred Kneip, CEO, CyberGRX. “Rather
than reacting to breaches after they occur, companies need to take a
more proactive approach to managing third-party cyber risk. This
requires more industry collaboration, meaning organizations and their
third parties must work together to mitigate the risk of potential
breaches before they become a target for attackers.”
Any company that shares data with third parties is in a race with
hackers. To take the lead, it is critical for organizations, big and
small, to identify the vulnerabilities within their digital ecosystem
before attackers do. The CyberGRX Exchange is the most cost-effective
and easiest way to identify, prioritize and minimize risk, for both
third parties and their upstream partners. The Exchange, built on a
shared cost model, features comprehensive, standardized assessments as
well as the advanced analytics to turn that data into actionable
insights and augment teams to achieve more with existing resources.
To keep up to date on CyberGRX’s latest announcements, please visit https://www.cybergrx.com/.
About CyberGRX
CyberGRX provides enterprises and their third parties with the most
cost-effective and scalable approach to third-party cyber risk
management today. Built on the market’s first third-party cyber risk
Exchange, CyberGRX arms organizations with a dynamic stream of
third-party data and advanced analytics helping organizations
efficiently manage risk in their partner ecosystems. Based in Denver,
CO, CyberGRX was designed with partners including ADP, Aetna, Blackstone
and MassMutual. For more information, visit www.cybergrx.com or
follow @CyberGRX on
Twitter.
About Scale Venture Partners
Scale Venture Partners (@scalevp)
invests in software companies that are transforming the future of work.
Investments include: Box (BOX), Chef, Cloudhealth, DataStax, Demandbase,
DocuSign, ExactTarget (ET), HubSpot (HUBS), JFrog, Lever, and WalkMe.
ScaleVP partners with entrepreneurs to support accelerated growth from
the first customer to market leadership. Founded in 2000, ScaleVP has
over $1 billion under management and is located in Silicon Valley. For
more information visit www.scalevp.com.
Contacts
Allison Arvanitis, 910-690-9482
allison@golaunchtech.com
